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Industrial 4.0 and IIoT are driving growth of market
The industrial sensors market is expected to be valued at USD 16.0 billion in 2018 and is likely to reach USD 21.6 billion by 2023, at a CAGR of 6.16% during the forecast period. The growth of this market is propelled by growing Industrial 4.0 and IIoT, surging wireless sensors market, and burgeoning demand for industrial robots. However, high implementation cost is restraining the growth of this market.
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Image sensor in industrial sensors market to witness significant growth during forecast period
Image sensors in industries are used for 2 main applications, i.e., machine vision and industrial surveillance. Machine vision is expected to drive the industrial image sensor market. The key reasons that are attributed to the growth of machine vision in industry are increasing need for quality inspection and automation, growing demand for vision-guided robotic systems, growing demand for application-specific machine vision systems, and increasing adoption of 3D machine vision systems.
Increasing wireless sensors market to have a positive impact for noncontact industrial sensors market
Noncontact industrial sensors is a faster growing segment of the industrial sensors market. Increasing penetration of remote sensing and wireless sensing attributes to the growth of noncontact sensors in the industrial sensors market. The wireless sensors market is increasing due to factors such as increasing penetration in industrial automation applications; growing adoption of wearables in industrial facilities; emerging concepts, such as smart factory; and increasing applications in pharmaceuticals and mining industries and petroleum refineries.
Due to upgrades in China’s manufacturing industry, industrial sensors market in APAC likely to witness significant growth during forecast period
APAC is the largest market for industrial sensors because of the presence of China in this region. China’s manufacturing output is the largest in the world. Therefore, China is among the world’s largest manufacturers and industrial producers. It is one of the major manufacturers of consumer electronics, automobiles, etc.
- By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report profiles key players in the industrial sensors market and analyzes their market rankings. Players profiled in this report are Rockwell Automation (US), Honeywell (US), Amphenol Corporation (US), Texas Instruments (US), Panasonic (Japan), STMicroelectronics (Switzerland), First Sensor (Germany), and Siemens (Germany).
This report segments the industrial sensors market by sensor, type, application, and geography. The report also describes the major drivers, challenges, and opportunities pertaining to this market, as well as includes value chain and market ranking analyses.
Reasons To Buy This Report
The report will help leaders/new entrants in the industrial sensors market in the following ways:
- The report segments the industrial sensors market comprehensively and provides the closest market size estimation for all subsegments across regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, challenges, and opportunities pertaining to the industrial sensors market.
- The report will help stakeholders understand their competitors better and gain insights to improve their position in the industrial sensors market.
- The competitive landscape section describes the competitor ecosystem.